Growth Hacking Tips – improving your sales funnel

There is a wide range of channels that can be used in order to attract traffic, gain leads and conversions and – eventually – grow. They vary, however, from a traditional, well-known marketing tools. Here is a short overview of these channels. Some of them are more applicable than others, depending on the business model, target group characteristics or advertising budget.

According to Matt Humhprey  (http://www.aginnt.com/post/41372002949/interview-a-growth-hacker-with-matt-humphrey#.Ue5HvtLwnkq) ,VP of Merchandise Rearden Commerce, growth hacking means“acquiring, retaining and monetizing users more effectively. A growth-hacker is an individual who can, from end-to-end, collect data, ideate, plan, execute and deploy the necessary tactics and strategies to hit goals.“

In simpler words, a growth hacker is basically a marketer working for an Internet start-up as opposed to a traditional, big manufacturing or service company. Marketing managers usually operate in a saturated market and therefore aim at growing market shares by single percentage points or thrive to sustain them. Whereas a successful start-up‘s target is often to multiply its revenues by large numbers in a relatively short period of time.

Some other characteristics of a growth hacker’s characteristics are:

  • using testable and scalable methodology in order to create growth
  • necessity to adapt to instability, uncertainty and constant changes in business environment
  • limited access to research data provided by professional agencies
  • imited marketing budget

Please find the five best growth hacking tactics below!

1. Reveal the potential of inbound marketing – start blogging.

Inbound marketing means essentially creating quality content that pulls users towards your company website and product. A well maintained blog is a great example. It is also a valuable asset for a growth hacker. There are certain rules, however, that should be followed:

  • Be consistent – upload articles regularly, peferably on daily basis. This attracts traffic and not just any traffic. Those are the users who proactively found the content you supply and are interested in the topic, potentially also in your product.
  • Put emphasis on the quality of the content you supply. Make sure it is valuable, up-to-date and appealing to your target audience. Be creative rather than reproductive.
  • Stay open to interaction with your readers. Whether through the comments section, link to facebook or other social media or at least through contact info, make sure your audience is being heard.
  • Combine blog with facebook, twitter and other social media to start building a community around it. Your followers will be your allies, by spreading the word on the web, linking to your page, recommending your site or even just interacting with your fanpage on facebook. This takes time but don’t get disencouraged. Remember about the 90-9-1 principle which states that for each single comment on your site, there are 99 other viewers reading your content without actively participating in it. Try to engage the passive users as much as possible.

2. Don’t forget about Social Media

There is something to the saying that“if you’re not on facebook, you probably don’t exist“. You can use certain tools which allow you to post simultaneously on several channels, which saves time and energy. However, the content that works on facebook doesn’t necessarily perform as well on twitter or google+. For instance, pictures and images have been proven more effective on fanpages, gaining more likes and shares, when compared to text posts. On the other hand, tweets get more popular when they contain more action words – verbs rather than nouns, adverbs rather than adjectives.

3. Create your sales funnel

Sales funnel is a model used to visualise your sales process from first contact to closing the deal. When speaking of online sales funnel, it’s a process of increasing the engagement of a potential customer by encouraging interactions over time up to the final conversion – the purchase.

At the top of the funnel there is a group of strangers whose attention you need to get. To make them aware of your existence, you have a wide range of online marketing tools – social media, blogs, display ads, SEO, e-mailing and many others. The next step is to get your target’s interest. You can do so by encouraging users to small conversions which will engage them in the process and move down the funnel towards the ultimate goal – conversion to sales. Examples of small conversions may be signing up for a newsletter, registering on a website, downloading a free ebook, etc. This is the stage where strangers turn into your potential prospects. After having someone’s interest, it’s time to turn your potential client into an actual one, which means making a sale. It is also worth remembering that this is not where the funnel ends. Customer Relationship Management is a valid part of the sales funnel as you have to make sure your clients are satisfied with your product, tend to come back for more or recommend you to others.

The advantage of the sales funnel is that it shows the roadblocks and moments of standstill or if there is an insufficient number of leads at any stage. Identifying these “black holes” tells you where you should focus your attention in order to boost your conversion rate. You can also track the users that fell off your sales funnel at the top. This can be done through retargeting. Research indicates that the majority of the people who visit your website will leave without a conversion. When you put so much effort to attract them to come, it seems like a huge waste to let them go. This is where you can use retargeting tools, such as AdRoll or others, to track them down and try getting their interests and convincing them to reconsider.

Tracking your funnel allows you to manage your leads, measure your goals, and forecast your future sales. This is where you might want to use the help of Colibri-Growth Hacking and SEO Tool.Colibri measures customers’ sales funnels and goal conversions you get from each keyword and traffic source. This way, you won’t loose any attractive lead.

4. Get to know your target audience

You can’t stress that enough. This is a crucial step one when marketing a product or service. Firstly, you need to determine what needs to be tracked. Start by defining your KPIs and then focus on the data that influences them. After a while, it will become clear that your target group is homogenous and that you can identify segments among your customers. Luckily, if you are operating on a small-scale business (for now!), Colibri makes it easier to analyse data thoroughly to get valuable insights. At this point, you can reach out to your customers for input, asking them individually, for a feedback on your product or services. After you get to know your customers and differentiated segments, you can focus the segment with highest business potential.

5. Incorporate tracking, testing, teasuring in your daily routine

Testing

You can conduct A/B tests on almost everything. Testing layouts for your landing page, logos, content, headlines and every other part of your online presence. It is indeed a very important part of growth hacking. Although it seems harmless or even effortless, it takes your time and resources. Choose wisely and always give it time to make sure the conclusions are valid. Don’t get easily discouraged. Majority of the tests usually end with no success but this is how you gain expertise and experience.

Tracking and measuring

This is your priority. After you’ve launched a website and decided to market your product, you can start receiving priceless data. It may come from various sources like Google Analytics, Google Keyword Tools or Google Trends. It’s crucial for a growth hacker to know his website’s statistics. What is my traffic? Where is it coming from? How many conversions do I have and how did I get them? And how can I increase my conversion rate? Growth hacking means getting answers to all these questions.

There are, however, certain obstacles to successful growth hacking, in terms of tracking and measuring:

  • gathering and analysing data must be conducted constantly, so that the insights are up-to-date and relevant; It may be quite time consuming but it’s a must.
  • the measurements need to be accurate
  • getting correct insights demands some level of expertise
  • the insights should be translated into actions and executed as soon and as efficiently as possible

A smart solution to these problems is to benefit from an SEO and online marketing tool such as Colibritool.

It provides accurate measurements for keyword positions, traffic trends and even conversion rates for specific keywords. It allows having all the necessary data in one place, presented in an intelligible and user-friendly way. It lets you save time and money that would otherwise be spent on gathering data. It tracks your website’s position on keywords of your choice. And it goes further than that. Colibri allows you to track inbound links to your website so you know exactly who is writing about your product and what. Moreover, Colibri can automatically reveal, analyze and outrank business competitors, tracking their SEO. Thanks to Colibri you get to know the effectiveness of your SEO and online marketing efforts so that it can be improved.

Written by: Karol Pokojowczyk (CEO and Founder of Colibri.io)

Source: http://bit.ly/1P2yPhK

Image Source: http://bit.ly/1RNYAWx

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